OKX has launched OKX Pay, a self-custody crypto payment tool aimed at simplifying transactions. Initially available in select markets, it will support stablecoins like USDT and USDC. The service eliminates fees, offers instant settlements, and splits private key management between users and OKX to ensure security. Future integrations with major payment providers are considered, and the product adheres to stringent regulatory standards.
Cryptocurrency exchange OKX has just rolled out an exciting new feature called OKX Pay. This integrated payments tool, part of their main app, is currently being launched in selected markets but plans to go global soon. By focusing on making crypto payments easier, OKX Pay hopes to eliminate common challenges tied to managing private keys and the overall user experience—something that many crypto users often find daunting.
The service is set to support stablecoin transactions, starting with USDT and USDC, with hopes to incorporate more assets down the line. Users can expect to transfer funds without any fees and with nearly instant settlements—pending any internal risk and compliance checks, of course. Transfers can be made to individuals or groups, and it’s designed to be as easy as sending a message, which is a big plus as there are no fixed transaction limits.
Built on OKX’s X Layer, a zero-knowledge layer-2 blockchain developed with Polygon’s Chain Development Kit, the infrastructure aims to reduce transaction costs while speeding up processing times. In addition, OKX is eyeing future partnerships with payment service providers like Mastercard and Stripe. These collaborations could pave the way for point-of-sale applications in brick-and-mortar stores, making it even easier for more people to adopt cryptocurrency for everyday transactions.
One of the standout features of OKX Pay is its partial custody mechanism. This unique approach divides private key responsibilities between the user and OKX. Basically, the user holds part of the key through a passkey wallet while OKX keeps the other part, which is designed to make it easier for users to recover their wallets if they forget their password. Plus, password resets are possible through a zero-knowledge email recovery system, and there are account abstraction tools to smooth out the onboarding process.
Furthermore, to drive user engagement, OKX Pay has something they call “silent rewards.” This feature allows users to automatically earn yield on their deposits through low-risk on-chain protocols. Importantly, this happens without needing to stake or lock their funds manually, which is a real win for users who value control and flexibility. They can withdraw their funds whenever they want without hassle.
On the regulatory side, OKX has stated that OKX Pay adheres to established standards, such as know-your-customer (KYC) and anti-money laundering (AML) protocols, along with multi-signature controls to ensure security. The company firmly insists that customer funds remain inaccessible without user consent, which could help boost user confidence in this new system.
